by Guest » Fri Jan 04, 2008 07:21 pm
Hello,
My wife hit a deer in October of 2007. The car is a 2005 VW Passat TDI that is pretty hard to find. The repair costs have risen from $3000 to over $12000. The car had to go to the dealership for repairs the bodyshop could not do. This week, we found out that the car will not drive and that the transmission needs replacing. The body shop representative said that the insurance company seemed to be in the process of totaling the car. We have not gotten word from the insurance company and they have not returned calls. My question is this: I got a good deal on the car and I'm not "upside down" on it. All of the body work and engine work has been done. Would it be a good decision for me to keep the car, provided the insurance company makes a good offer as to the salvage value and have the transmission repaired or replaced? I keep cars for a long time and have no problem with having a salvage title. What step should I take next?
My wife hit a deer in October of 2007. The car is a 2005 VW Passat TDI that is pretty hard to find. The repair costs have risen from $3000 to over $12000. The car had to go to the dealership for repairs the bodyshop could not do. This week, we found out that the car will not drive and that the transmission needs replacing. The body shop representative said that the insurance company seemed to be in the process of totaling the car. We have not gotten word from the insurance company and they have not returned calls. My question is this: I got a good deal on the car and I'm not "upside down" on it. All of the body work and engine work has been done. Would it be a good decision for me to keep the car, provided the insurance company makes a good offer as to the salvage value and have the transmission repaired or replaced? I keep cars for a long time and have no problem with having a salvage title. What step should I take next?
Posted: Sat Jan 05, 2008 05:34 am Post Subject:
You can retain the car if you think that you will be better off by retaining it. But, are they in the process of totaling it? You need to get it clarified from the insurer first. Until and unless they make you an offer its very difficult to decide the future course of action.
Posted: Sat Jan 05, 2008 07:33 am Post Subject:
Hi brightem, since your car is not drivable without replacing the transmission, you have no option of using it without incurring extra cost towards its repair. And the repair cost, according to your post, is already high enough. Therefore, you need to compare the total cost of repair with the present market value of the car. If the total cost exceeds its market price then the insurance company may wish to total your car and IMO it'll be wise on your part as well to accept the offer.
Posted: Sat Jan 05, 2008 08:24 am Post Subject:
You can keep the car, which the insurer has decided to total, provided it's a good deal for you. Run your car on NADA site. It'll give you a fair idea about the price the insurance company is likely to offer if they total the car.
The process of keeping a totaled car, however, is not at all cumbersome as it sounds, you have to inform the insurer that you wish to retain the car before it enters the salvage yard. The insurer then will make you an offer for the car, deducting the salvage value and deductibles (if any). You are likely to receive a lower amount, after the deductions, than the initial quote. If you are satisfied with the value, they will issue you a check.
Thereafter, you need to find out a body shop, you trust, to do the repair works. You may require to obtain the clearance from the road safety authority of your state before you can actually bring the car back to the road.
Thanks,
Carol
Posted: Sun Jan 06, 2008 12:32 pm Post Subject:
You always have the choice to retain the salvage, the salvage value may be pretty substantial on this vehicle especially since the body work has already been completed, (which incidently really sucks for that adjuster! should've had the mechanical checked out first!)....you'll just have to run the numbers....remember (i know you keep cars a long time) though that a vehicle with a salvaged or prior sal.title will be worth 20-45% or so less should the vehicle total again...something to remember when you are deciding to keep collision/comprehensive coverage if you retain.
Posted: Sun Jan 06, 2008 12:52 pm Post Subject:
If you can not find parts for it, what are you going to do in the future if something happens? Can you still find the mechanical parts, I would probably get another car just because of the issue of not being able to find parts for it. This will pretty much always be a problem right? Your choice, but if it were me, it would be gone and I would get something more common that you can find parts for more easily. Hope you got all the help you needed here.
Posted: Sun Jan 06, 2008 07:48 pm Post Subject:
I would wonder where I could find parts for the vehicle if I were in this situation again, I would take the totalled check and purchase something else.
Posted: Mon Jan 07, 2008 11:10 am Post Subject:
Where is all this 'parts' talk coming from guys? maybe i missed it...i don't see the concern there...it's an 05.....? just wondering
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